Suzhou Dongshan Precision Manufacturing Co.,Ltd. (002384.SZ) began its subscription period on October 20, offering 114 million shares globally, comprising 11.4 million shares in the Hong Kong offering and 103 million shares in the international offering. The subscription period runs from October 20 to October 23, with an offer price of HK$93.80, a board lot of 100 shares, and an entry fee of approximately HK$9,380.
As an enabler of AI computing power, Suzhou Dongshan Precision Manufacturing Co.,Ltd. (002384.SZ) is a manufacturer primarily focused on PCB, precision components, touch panels and LCD modules, and optical modules, with products widely used in consumer electronics, automobiles, data centers, communications equipment, and industrial control equipment. In September 2025, through the acquisition of Source Photonics, the company entered the optical module business, expanding its product portfolio to include optical modules. According to CIC data, based on 2025 revenue, the company is the third-largest PCB supplier in the global PCB market valued at US$85.2 billion; through Source Photonics, it ranks seventh in the global optical module market valued at US$24.5 billion, with a market share of 2.9%.
With the continued advancement of AI computing infrastructure construction, demand for high-speed data transmission is growing steadily, and demand for high-end PCB and optical modules from AI servers is rising accordingly. Dongshan Precision is positioned in both electrical transmission and optical transmission segments, forming a business structure featuring coordinated development of PCB, optical chips, and optical modules. Among these, Source Photonics possesses independent design and manufacturing capabilities for high-speed EML optical chips, with product transmission rates ranging from 2.5G to 200G, and mainly launches 100G and 200G PAM4 EML chips, providing optical module products from 10G to 1.6T, further strengthening the company's competitiveness in the high-speed optical interconnect field.
In terms of financial performance, for the first half of 2026, Suzhou Dongshan Precision Manufacturing Co.,Ltd. (002384.SZ) achieved operating revenue of approximately RMB 27.798 billion, a year-on-year increase of 63.9%; profit reached approximately RMB 2.98 billion, a year-on-year increase of 293.5%. Among this, the optical module business generated revenue of approximately RMB 5.351 billion, accounting for about 19.2% of group revenue, with a gross margin of 39.2%, becoming an important business segment driving overall profitability improvement. During the same period, the company's overall gross margin rose from 13.1% in the prior-year period to 19.4%.
The proceeds from this listing are intended for the expansion of high-speed EML chips and optical modules, the construction of new high-end PCB facilities, and the upgrading of existing domestic production lines; a portion of the funds is also intended for potential strategic investments or acquisitions, repayment of existing debt, and supplementing working capital. With the growth in demand related to AI servers and data centers, the company will further unlock the synergies between its high-end PCB and optical module businesses, translating technological and production capacity advantages into sustained performance growth momentum.